ArtCointelegraph.comInvestmentsNFTNon-fungible TokenTechnologyValue

OpenSea collector ‘pulls the rug’ on NFTs to highlight arbitrary value

The most expensive single NFT ever sold went for $6.6 million in February.
A crypto artist known as neitherconfirm recently listed 26 non-fungible tokens, or NFTs, for sale on OpenSea’s digital marketplace. Things took an unexpected turn earlier today, however, after the artist changed the images associated with each token from computer generated portraits into photos of literal carpets.The pieces, which originally featured people and animal faces in a seemingly stained glass style, are now nothing more than an expensive metaphor for why you can’t trust the store-of-value proposition of any asset that maintains an aspect of centralized control.I just pulled the rug at my NFT collection on @opensea . Nobody got hurt.It is pretty easy to change the jpg, even if it does not belong to me or it is on auction. I am the artist, my decision, right?A thread from somebody making his living with art irl about the value of NFTs. pic.twitter.com/LNAZqPpDMZ— neitherconfirm (@neitherconfirm) March 9, 2021
“All discussions about the value of NFTs are meaningless as long as the token is not inseparable from the artwork itself,” said neitherconfirm. “What is the meaning of creating an unforgeable token on a highly secured network if somebody can alter, relink or destroy your possession? As long as the value of your artwork is reliable on a central service you do not own anything.”The current price disparity between the artist’s seemingly similar rugs seems to lend some validity to their claims. At time of publication, …
Story continues on Cointelegraph

Related posts
Cointelegraph.comHedera HashgraphMarketsPrice analysisTerraVeChain

Top movers review: Terra (LUNA), VeChain (VET) and Hedera Hashgraph

Enterprise-level adoptions and new partnerships continue to drive the price of Terra, VeChain and Hedera Hashgraph higher. While Bitcoin (BTC) and major altcoins tend to garner most of the attention from investors, there are several projects that aim to bring…
BusinessCointelegraph.comCryptocurrency ExchangeGeminiSportwinkelvoss twins

Gemini crypto exchange sponsoring the Oxford-Cambridge boat race

“We are thrilled to be combining two of our greatest passions — rowing and crypto — with our sponsorship of this historic event,” said the Winklevoss twins. Tyler and Cameron Winklevoss, co-founders of the Gemini cryptocurrency exchange and former olympian…
Altcoin Watchcentral bankCointelegraph.comCryptocurrenciesCryptocurrency ExchangehyperinflationMarketsStablecoinVenezuela

Reserve Rights (RSR) gains 300% as stablecoins gain regulatory approval

Global stablecoin adoption and uncontrolled hyperinflation in Venezuela and Argentina have helped push Reserve Rights to a new all-time high. Non-fungible tokens and high-yielding decentralized finance platforms have been the focus of attention in the cryptocurrency sector for the past…